The overall momentum in construction remains solid. We expect this pattern to continue, with public and commercial construction taking the leadership baton in 2006 as housing starts ease back moderately.

Commercial and defense companies are apt to deliver very solid results again in Q4. But upside momentum remains greater for commercial plays, while defense stocks are stable, defensive cash redeployment vehicles.

There's so much momentum coming early into this quarter that an excellent quarter is just baked in the cake.

There are reports of solid underlying demand for 30-year bonds from pension funds and insurance companies.

I don't think earnings momentum is going to fall off a cliff, but we can't expect to continue at the same rate we saw in 2005.

By taking away the elite players from the Premiership clubs and leasing them back on an irregular basis, the solid foundation that we have created in the professional era would be weakened. The temptation would be for more clubs to go down the Northampton road and sign more players from overseas, something which would work to the detriment of the national side.